The Financial Supervisory Authority fined Tuleva 100,000 euros because it found serious deficiencies in its advertising.
The Financial Supervisory Authority determined that Tuleva’s advertisements did not contain an invitation to familiarize yourself with the terms of the financial service or consult with an expert. Furthermore, there was no mandatory indication of where to find information on the basic information on the offering of the funds. The advertising was also misleading because it gave an apparent guarantee of the fund’s profitability, the inspectorate noted.
“There are advertising needs in the financial sector that require consumers to receive fair, accurate and complete information about financial products – pension products, second pillar pension products,” said Kilvar Kessler, chairman of the board of the Financial Supervisory Authority.
“(Teva’s announcements) gave the impression, according to the Financial Regulator, that we guarantee returns or that we made comparisons with other fund managers which, in the Financial Regulator’s opinion, had insufficient basis. L “the authority has not made (an accusation) regarding the information activities. This is a very serious decision about what to do next,” said Tõnu Pekk, a member of Future’s board of directors.
2024-01-16 16:42:00
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